What are meme coins and how to profit from them in 2024

Meme coins are cryptocurrencies originating from internet memes that quickly capture the crypto market’s attention.

Known for their quirky nature and often unpredictable price movements, meme coins have evolved from mere entertainment purposes to serious investment opportunities, opening up many possibilities for crypto enthusiasts.

This article outlines some of the most popular meme coins, as well as their financial and investment potential.

Dogecoin (DOGE)

Dogecoin (DOGE) is a cryptocurrency created in 2013 based on the popular Shiba Inu dog meme. Currently, it has the largest market capitalisation among meme coins.

Its low price and active community have significantly boosted its popularity. Elon Musk, a major supporter, has played a crucial role in promoting DOGE.

• Musk first mentioned Dogecoin in a tweet in 2021, causing the meme coin’s price to increase by 10% within 30 minutes. That same year, the cost of Dogecoin rose by 19% and set a new all-time high after a tweet from Snoop Dogg, which Musk followed up with several tweets.
• In February 2024, it was announced that the Geometric Energy Corporation and Musk’s SpaceX planned to launch the DOGE-1 satellite to the Moon, fully funded by Dogecoin.
• In March 2024, Musk announced that Tesla cars would soon be purchasable with Dogecoin, leading to another 15% spike.
• In early May 2024, Tesla officially added DOGE to its list of payment methods, although for now, only merchandise can be bought with Dogecoin.

Despite Musk’s support and Dogecoin’s popularity, price forecasts are mixed. A machine learning algorithm on CoinCodex predicts that the price will reach $0.66 in 2025, fluctuating between $0.126 and $0.25 over the following two years.

Shiba Inu (SHIB)

Shiba Inu (SHIB) is a meme token created in 2020 as a humorous response to Dogecoin’s popularity. It is symbolised by a Shiba Inu dog. SHIB has gained significant popularity due to its large community and activity in the DeFi ecosystem.

In April 2024, Shiba Inu saw a 268% increase in large transaction volume, surpassing Dogecoin and Pepe, indicating strong interest from influential investors. The very same month, Shibarium – a Layer-2 blockchain developed for Shiba Inu – updated its interface, making it faster and more accessible.

In early May 2024, SHIB was added to PayPal’s payment system, which could boost its price. Currently, these services are available only in the US but will eventually expand to the UK and EU.

Despite a price decline since March 2024, recent news suggests improvement may be on the horizon. For example, in late May, the price of a Shiba Inu rose by 12% in three days.

Floki Inu (FLOKI)

Floki Inu (FLOKI) is a cryptocurrency created in 2021, named after the Viking Floki, known for his adventurous spirit.

In March 2024, Floki announced the launch of digital bank accounts, debit cards and a cryptocurrency university, which is expected to boost the meme coin and the crypto market overall.

Traders predict that FLOKI’s price could double to a record high of $0.00030.

Maneki (MANEKI)

Maneki (MANEKI) is a new cryptocurrency on the Solana network. It is named after the Japanese good luck charm cat Maneki-neko, symbolising luck, prosperity and wisdom.

Despite a generally negative market trend during its release, MANEKI quickly gained popularity. Its price increased by over 45% within minutes following launch, driven by significant activity from major traders and investors.

Dogwifhat (WIF)

Dogwifhat (WIF) is another cryptocurrency on the Solana blockchain. It was created in late 2023 based on a meme featuring a Shiba Inu dog in a pink knitted hat.

WIF has gained significant attention due to its recent price surge, which has made it the third-largest meme coin in terms of market capitalisation. In late March 2024, its price nearly touched $5. Despite a subsequent decline, the trend remained positive in May 2024, with a 30% price increase over three days at the month’s end.

Currently, Dogwifhat and Shiba Inu are the trendiest meme tokens with growing support.

Pepe (PEPE)

Pepe (PEPE) is a cryptocurrency on the Ethereum blockchain. It was created in 2023 and named after the popular green frog meme.

Since its launch and until 14th March 2024, the meme coin’s price has skyrocketed by 12,200%. On 2nd May 2024, its price reached $0.00000694, with a market capitalisation of $2.92 billion, moving PEPE to 35th position in terms of this metric.

Interest in this cryptocurrency grows daily, accompanied by continuous price increases and more active users. Major players in the crypto market have also taken note of this meme coin.

Degen (DEGEN)

Degen (DEGEN) is a cryptocurrency created in early 2024. It was initially used as a reward for qualitative content on the decentralised social network, Farcaster, and later as a token for the Degen Chain network. Degen Chain is a specialised Layer-3 blockchain based on Ethereum’s Layer-2 solution, Base. The creation of this blockchain was the main reason for DEGEN’s price increase.

How to profit with meme coins

Meme coin prices often fluctuate due to market conditions and reactions from well-known influencers like Elon Musk. This means that profiting from rising meme coin prices is possible.

Analysts at EXMO.com predict the onset of the altseason in the coming months – starting mid-summer or early autumn – which will also impact the value of meme coins. However, you don’t have to wait for prices to rise – you can earn rewards on your assets now with EXMO.com’s Earn program.

All the coins discussed in the article are available for generating passive income in Earn. All you need to do is to register on EXMO.com if you haven’t already, buy some DOGE, SHIB, FLOKI, MANEKI, WIF, PEPE or DEGEN and start a subscription.

If you have EXMO Coin, our exchange’s token, you can get higher rates on meme assets and earn up to 4% APY!

All coins can be bought through the Simple, Advanced Trade or Buy Crypto sections.

Disclaimer. Investing in cryptocurrencies is your responsibility. We are not responsible for any potential losses during trading. Always remember to DYOR (do your own research) when choosing a project to invest in.